Used car prices are set to stay higher for the foreseeable future. Used cars have climbed in value over the last few months, as reduced supply of new cars has created an increased demand for used cars.

If you’re looking to sell, then you’re in luck: this also means that the car sat on your drive could be worth more than you think. If you’re considering an upgrade, get a free car valuation and see whether your budget is bigger than you think.

A number of global factors, including a shortage of microchips, materials and available workforce, have reduced capacity in the production of new cars worldwide.

Demand hasn’t gone anywhere, but reduced supply and a backlog of orders means consumers are waiting longer for their cars to be built and delivered.

There’s no concrete timeline yet, but as production returns to normal and the backlog of orders clears, manufacturers will be able to meet consumer demand.

While the outright cost of buying or financing an electric car remains higher than buying a petrol or diesel, it’s a different story when we look at the cost of running a car.

Electric cars are much cheaper to ‘fuel’ – with the cost of charging from home being a fraction of the cost at the pumps. There are other perks to driving an electric car, like paying £0 in car tax, than mean electric cars could make financial sense for many car buyers over the longer term.

You can compare the total cost of owning an electric car – and look at the cost of some of the most popular body types – with our free comparison tool.